The National Bank of Egypt records billions of US dollars invested by Egyptians to support the country’s economy

National Bank of Egypt (NBE) in Cairo
National Bank of Egypt (NBE) in Cairo, Egypt

According to the president of the National Bank of Egypt (NBE), Egyptians have invested more than a billion US dollars (USD) since floating the exchange-rate of the Egyptian pound against the USD earlier this year. This kind of investment can be directed by the banks of Egypt towards projects which develop the country’s economy.

This is an indicator of the Egyptians will to support their government in economical development and also indicates the success of current economical reforms going on in Egypt.

It is advisable at the current time for all Egyptians abroad to send foreign currency like USD or Euros when transferring funds to their families and bank accounts in Egypt, in order to support the government in executing the current planned projects for economical developments. It is also advisable to limit the expenditure on buying foreign currency abroad when utilizing local Egyptian credit cards and bank cards. In all cases, earlier this year, the Central Bank of Egypt (CBE) has set certain limits on foreign currency expenditure using Egyptian bank cards abroad. Visit this page for more details about the latest relaxed limits on foreign currency purchases using Egyptian bank cards.

Source: Al-Ahram

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